New survey findings from Digital Commerce 360 reveal how retailers believe COVID-19 will impact their business. Exclusive survey data collected by Digital Commerce 360 reveals that retailers are expecting some downside revenue implications as a result of the coronavirus, or COVID-19. Retailers believe one reason for this downturn is the virus’ significant impact on consumer confidence.
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Retailers Expect Downside Revenue Implications Caused By Coronavirus
CHICAGO, March 12, 2020-Almost half of all retailers expect some economic downturn in their revenue as a result of the WHO declared pandemic known as the coronavirus, or COVID-19, according to a March 2020 survey by Digital Commerce 360 of 304 retailers.
In the Digital Commerce 360 exclusive article, “Taking the pulse: Retailers and the coronavirus,” senior consumer insights analyst Lauren Freedman details the worries and expectations retailers have concerning their business and the coronavirus.
Results from this survey show that:
- 47% of retailers expect some downside revenue implications
- 80% of retailers believe the coronavirus will have at least some impact on consumer confidence
- 30% of retailers suspect that the coronavirus will cause their ecommerce business to be somewhat up, and 32% expect their online business to be somewhat down
- Only 36% of retailers are taking a “wait-and-see” approach to the level of action they are taking relative to COVID-19, while the rest are being proactive
- And 44% expect production delays as the coronavirus progresses
“Much of the challenges retailers face in our interconnected world is supply chain-related,” says Freedman. “When asked ‘which of the following actions are you taking as a result of the coronavirus,’ supply chain communication (48%), contingency planning (34%) and hopes to minimize disruptions (32%) top the list of retailer actions.”
About Digital Commerce 360 Research
Digital Commerce 360 Research (formerly Internet Retailer Research and B2BecNews Research) uses a unique journalistic approach and data-gathering process to establish worldwide relationships with retailers and collect benchmarking data and best practices in both business-to-business (B2B) and business-to-consumer (B2C) ecommerce. The data we collect is accessible to our members through online databases, annual analysis reports, and custom research.